U.S. Senator Elizabeth Warren has sent a letter to UBS Group AG Chairman Colm Kelleher, requesting details about any discussions with Treasury Secretary Scott Bessent regarding the bank's potential relocation of its headquarters to the United States.
A December 9 letter revealed that Warren asked Kelleher to disclose his interactions with Bessent and other relevant officials in recent months on this matter. The inquiry specifically addresses whether U.S. authorities offered relocation incentives while UBS faced capital requirement disputes with the Swiss government.
"Did you request, or did Secretary Bessent or other senior Trump administration officials promise, preferential regulatory or supervisory treatment if UBS Group AG relocated to the United States?" wrote Warren, the Senate Banking Committee's top Democrat. "If so, please describe the nature of such commitments."
Earlier this year, as uncertainty loomed over impending Swiss capital reforms, UBS reportedly explored various options, with Kelleher holding talks with Bessent. Media reports suggested private discussions about potential relocation frameworks, with the Trump administration expressing "openness" to welcoming UBS.
Warren separately wrote to Bessent demanding full disclosure of any discussions with Kelleher. She cautioned against the U.S. enabling UBS to seek new jurisdictions that might circumvent Swiss regulatory safeguards established after Credit Suisse's collapse and subsequent acquisition by UBS.
UBS hasn't confirmed any meetings, with CEO Sergio Ermotti later dismissing relocation rumors as "nonsense."
The bank stated: "As we've repeatedly emphasized, we intend to remain headquartered in Switzerland while operating successfully as a global bank. UBS maintains a unique, sustainable, and diversified business model that has proven resilient even under extraordinary circumstances, serving as a pillar of stability and prosperity."
The U.S. Treasury Department didn't respond to requests for comment on the letters.
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